AvalonBay Communities (NYSE:AVB) PT Raised to $229.00 at Scotiabank

AvalonBay Communities (NYSE:AVB - Get Free Report) had its price objective lifted by equities research analysts at Scotiabank from $218.00 to $229.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price objective points to a potential upside of 4.13% from the stock's previous close.

Other analysts also recently issued reports about the company. Mizuho raised their target price on AvalonBay Communities from $185.00 to $194.00 and gave the company a "neutral" rating in a research note on Thursday, May 30th. Wells Fargo & Company lifted their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday. Royal Bank of Canada boosted their target price on shares of AvalonBay Communities from $207.00 to $214.00 and gave the stock a "sector perform" rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of AvalonBay Communities from $194.00 to $212.00 and gave the company a "neutral" rating in a research note on Monday, June 17th. Finally, UBS Group lifted their price target on AvalonBay Communities from $210.00 to $228.00 and gave the stock a "neutral" rating in a research note on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $213.06.

AvalonBay Communities Trading Down 0.8 %

AVB stock traded down $1.82 during midday trading on Monday, hitting $219.91. The stock had a trading volume of 455,968 shares, compared to its average volume of 718,195. AvalonBay Communities has a 12-month low of $160.45 and a 12-month high of $222.97. The company's 50-day moving average price is $207.78 and its 200 day moving average price is $194.51. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $31.27 billion, a PE ratio of 32.72, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96.

AvalonBay Communities (NYSE:AVB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.93). The company had revenue of $726.04 million for the quarter, compared to analysts' expectations of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the prior year, the firm earned $2.66 earnings per share. On average, equities research analysts predict that AvalonBay Communities will post 10.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Keri A. Shea sold 2,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now owns 4,383 shares in the company, valued at approximately $908,026.11. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AvalonBay Communities news, CIO Matthew H. Birenbaum sold 5,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $208.90, for a total transaction of $1,044,500.00. Following the transaction, the executive now owns 65,967 shares in the company, valued at $13,780,506.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Keri A. Shea sold 2,000 shares of the business's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the sale, the senior vice president now owns 4,383 shares of the company's stock, valued at $908,026.11. The disclosure for this sale can be found here. Insiders own 0.42% of the company's stock.

Hedge Funds Weigh In On AvalonBay Communities

A number of institutional investors have recently made changes to their positions in AVB. Opal Wealth Advisors LLC acquired a new stake in AvalonBay Communities during the second quarter worth about $32,000. Versant Capital Management Inc lifted its position in shares of AvalonBay Communities by 1,877.8% during the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust's stock worth $37,000 after buying an additional 169 shares during the period. BROOKFIELD Corp ON bought a new stake in AvalonBay Communities during the first quarter worth about $39,000. Pinnacle Bancorp Inc. increased its holdings in AvalonBay Communities by 50.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 75 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of AvalonBay Communities by 38.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust's stock valued at $54,000 after purchasing an additional 73 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.